The semi-trucks that you see on the nation’s roads and highways are classified as Class 8 trucks and there are 4M of them on the road today. The average age of these trucks is 12.8 years. Another common truck is the box truck, which on average is 16.5 years old. As this fleet ages, it requires more frequent part replacements than newer vehicles in order to operate. FinditParts is the largest online marketplace and e-commerce destination for heavy-duty, medium, and light-duty truck parts to serve this market, known as the commercial vehicle aftermarket (CVA) segment. The platform has developed visual technology-driven solutions to help customers identify and purchase the correct parts. Finditparts distributes through its own website as well as through Amazon and eBay, offering both OEM and aftermarkets; the company’s catalog features more than 7M parts from 2000+ brands. As a myriad of factors has taxed the nation’s supply chain, the company’s thriving operations have ensured that truck operators do not have to worry about part availability. In Q1 of this year, Finditparts was able to grow its revenue over 100% YOY.
LA TechWatch caught up with FinditParts Founder and CEO David Seewack to learn more about the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
This was a Series A $30M round, Crestline was the sole investor.
Tell us about your product or service.
FinditParts is an e-commerce company that sells parts in the commercial vehicle aftermarket (CVA) industry. In other words, we sell heavy-duty truck and trailer parts online.
What inspired the start of FinditParts?
I had a very successful career running a traditional brick-and-mortar CVA distribution company that he sold to FleetPride 15+ years ago.
This is an old-school industry that’s well behind the times in technology and e-commerce. About 10 years ago, I saw an opportunity to launch one of the first e-commerce web stores in the industry. So, I leveraged my industry contacts to develop a network of distributors, followed shortly by FinditParts.com.
How is it different?
Over the years other distributors have launched web stores fulfilling orders out of their own inventory, however, what makes FinditParts different is our large network of nationwide suppliers. Our largest competitor offers ~250,000 part SKUs for purchase. FinditParts offers more than 3.5M part SKUs, all ready to ship. This means we have the largest selection of OE, aftermarket, and remanufactured parts in the industry, by a factor of more than 10x. We’re truly a one-stop-shop, which makes it easy to find and source the parts you need.
What market you are targeting and how big is it?
The commercial vehicle aftermarket (CVA) is currently a $40B annual market in the US.
What’s your business model?
eCommerce, selling at FinditParts.com and through the Amazon/eBay marketplaces.
What are your post-COVID office plans?
FinditParts is 100% remote.
What was the funding process like?
We partnered with DC Advisory, an investment bank with extensive experience raising capital for companies of all different sizes and stages. Their team provided expert guidance throughout the process which streamlined and simplified the process.
What are the biggest challenges that you faced while raising capital?
Interest far exceeded our expectations. The most challenging aspect of the process was choosing an investment partner that was well aligned with our vision and culture.
What factors about your business led your investors to write the check?
The market potential, FinditParts’ growth rate, and our leadership team.
What are the milestones you plan to achieve in the next six months?
Accelerate hiring of key roles and implement new systems that facilitate growth (i.e. CRM, order fulfillment), while continuing to achieve revenue growth in excess of 100% YOY.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Focus on product/service development to ensure product/market fit, prioritize lifetime value of existing customers, segment your target audiences to personalize your sales/marketing efforts and reduce cost per acquisition, and invest existing resources into efforts that will have the highest impact on your growth rate.
Focus on product/service development to ensure product/market fit, prioritize lifetime value of existing customers, segment your target audiences to personalize your sales/marketing efforts and reduce cost per acquisition, and invest existing resources into efforts that will have the highest impact on your growth rate.
Where do you see the company going over the near term?
Continued focus on revenue growth and investment in foundational efforts to unlock future growth.
What is your favorite restaurant in LA?
Ivy at the Shore (Santa Monica).
